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Billy Corgan went to court today in Nashville, Tenn. to make his case that TNA is insolvent and therefore a clause should kick in to give him control of the struggling wrestling company, per his agreement he signed with TNA’s current ownership.
The Tennessean reports this afternoon that Corgan says because TNA is unable to pay its bills and increasing debt, it should be classified as “insolvent,” a key to getting control of the company.
Attorney’s for Anthem, parent company of Fight Network v and owns rights to its tape library, were present, arguing the other side. Anthem’s stance is that TNA is solvent.
Corgan’s attorney points out that TNA’s debt has increased 52 percent since June and will face even more difficulties for the next nine months based on current interpretation of cash flow in and out of the company.
Bank Direct Capital, according to reports earlier this week, claims TNA owes it over $200,000 from a loan that hasn’t been paid back.
Keller’s Analysis: It appears this will come down to how the court defines “insolvent.” Corgan wants to own and control the company and then invest money in his vision knowing he sinks or swims on his own. He’s clearly finished investing money if he won’t end up with control. Anthem wants TNA content for Fight Network and is fighting to keep control away from Corgan. Dixie Carter stands by hoping to retain some measure of ownership and control. What should TNA wrestling fans hope for? Someone to end up with control who has the funding to keep TNA going and a business plan to make TNA profitable again.